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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases |
6. | Leases
We have operating leases for: (i) real estate which include both office space and statement production and mailing facilities; (ii) our outsourced data center environment, as discussed further in Note 11; and (iii) operating equipment. Our leases have remaining terms of up to ten years, some of which include options to extend the leases for up to an additional ten years. For leases commencing prior to 2019, we used the noncancelable term to calculate the related right-of-use asset and corresponding lease liability. The exercise of lease renewal options is at our sole discretion. Additionally, certain of our leases include payments that are adjusted periodically for inflation. We have made an accounting policy election not to recognize on our balance sheet, leases with an initial term of twelve months or less, for any class of underlying asset. We have also made an election for real estate leases beginning in 2019 and later, not to separate the lease and non-lease components, but rather account for the entire arrangement as a single lease component (a practical expedient allowed under ASC 842). For our outsourced data center environment agreement, we have concluded that there are lease and non-lease components, and have allocated the consideration in the agreement on a relative stand-alone price basis. Due to the significant assumptions and judgements required in accounting for leases (to include whether a contract contains a lease, the allocation of the consideration, and the determination of the discount rate), the judgements and estimates made could have a significant effect on the amount of assets and liabilities recognized. We sublease certain of our leased real estate to third parties. These subleases have remaining lease terms of up to three years and certain subleases have renewal terms that can extend the lease for up to an additional two years. The components of lease expense were as follows (in thousands):
|  | 2020 |  |  | 2019 |
Operating lease expense |  | $ | 26,360 |  |  | $ | 24,670 |
Variable lease expense |  |  | 4,518 |  |  |  | 4,647 |
Short-term lease expense |  |  | 625 |  |  |  | 583 |
Sublease income |  |  | (2,066 | ) |  |  | (1,710 | )
Total net lease expense |  | $ | 29,437 |  |  | $ | 28,190 |
Other information related to leases was as follows (in thousands, except term and discount rate):
|  | 2020 |  |  | 2019 |
Supplemental Cash Flows Information: |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 21,130 |  |  | $ | 24,006 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 37,987 |  |  |  | 33,782 |
Weighted-average remaining lease term - operating leases |  | 69 months |  |  | 59 months |
Weighted-average discount rate - operating leases |  |  | 3.62 | % |  |  | 4.32 | %
Future minimum lease payments under non-cancelable leases as of December 31, 2020 were as follows (in thousands):
2021 |  | $ | 26,013 |
2022 |  |  | 25,037 |
2023 |  |  | 23,022 |
2024 |  |  | 21,827 |
2025 |  |  | 16,028 |
Thereafter |  |  | 19,292 |
Total future minimum lease payments (1) |  |  | 131,219 |
Less: Interest (2) |  |  | (12,642 | )
Total |  | $ | 118,577 |
Current operating lease liabilities |  | $ | 22,651 |
Non-current operating lease liabilities |  |  | 95,926 |
Total |  | $ | 118,577 |
| (1) | For leases commencing prior to 2019, minimum lease payments exclude payments for real estate taxes and non-lease components.
| (2) | We use our functional currency adjusted incremental borrowing rate for the discount rate.
Total lease expense for 2018 was $19.0 million.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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